WS #5681

The dominant signal remains the Strait of Hormuz crisis, with no new material developments in the last 10 minutes to alter the escalation narrative. The previous synthesis captured the key elements: President Trump's Sunday deadline, Iran's deployment of 20+ naval mines, Pentagon warnings of a six-month clearance timeline, and the $54bn AI warfare funding request. No counter-signals or de-escalation updates have emerged in this window, and the geopolitical risk environment appears stable at a heightened level. Corporate and market-moving news from this period is absent, with no new data to shift the focus from the ongoing crisis.